Assurance Agency inks 75K sf office lease in Schaumburg

The independent insurance brokerage is moving into Zeller Realty’s Woodfield Preserve Office Center

TRD CHICAGO /
Oct.October 16, 2018 12:30 PM

20 North Martingale Road, Assurance COO Jackie Gould and Zeller COO Bob Six

Assurance Agency is moving its headquarters to the Woodfield Preserve Office Center in Schaumburg.

The independent insurance brokerage signed a lease with Zeller Realty Group for 75,000 square feet in the complex at 20 North Martingale Road, according to CBRE.

Bill Elwood and Rob Graham of CBRE represented Zeller in the lease negotiations, while Jesse Van Dyke of JLL represented Assurance.

Assurance will move into the complex from its existing headquarters in Schaumburg’s One Century Centre next year. It will occupy part of the first floor and the entire six-floor, which at 52,000 square feet is the largest floor plate in the market, CBRE said.

Houston-based Hines and Chicago-based architect Wright Heerema developed the two-story, 650,000-square-foot Woodfield Preserve complex on 29 acres in 2000 and 2001. Zeller bought the complex for $74 million in 2016 from KBS Real Estate Investment Trust, which paid nearly $137 million for it as prices were peaking in 2007, according to Crain’s.

Zeller made a number of improvements, including adding amenities. Current tenants include IBM, Merrill Lynch and New York Life Insurance.

Elsewhere in Schaumburg, Sovereign Partners is looking to sell the Centennial Center and Two Century Centre office complexes for $60 million. UrbanStreet Group and VennPoint Real Estate, meanwhile, are leading the overhaul of the sprawling former Motorola Solutions campus.

Suburban office vacancies nudged up during the third quarter, but rents still appear to be rising across the board.


Related Articles

arrow_forward_ios
Stockbridge Real Estate CEO Stephen Pilch

Stockbridge Capital makes big bet in suburban industrial stronghold

One Lincoln Centre and Balfour Pacific CEO Mark Scott (Credit: Google Maps, iStock)

Blackstone unloads large office complex at slight discount

905 West Fulton Market and DineAmic founders David Rekhson and Lucas Stoioff (Credit: Thor Equities)

Prime & Provisions owner inks lease for new restaurant in Fulton Market

500 West Monroe Street and Spear Street Capital founder John Grassi (Credit: Google Maps)

Downtown office tower trades for $412M

Renderings of Millennium on LaSalle  

This office-to-luxury rental deconversion just got a big loan

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities lands $144M construction loan for new tower

Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Sterling Bay inks tech firm to latest lease at Fulton Market HQ

Chicago Skyline (Credit: iStock)

Windy City’s real estate blown away by other cities

arrow_forward_ios